Coronavirus insurance payouts reach largest non-life levels, says Lloyd’s CEO

Coronavirus insurance payouts - dollar sign and virus

As claims payments move beyond the $100 billion mark, COVID-19 is the industry’s “single largest event”. Lloyd’s of London CEO John Neal has announced that coronavirus insurance payouts will pass the $100 billion mark. This has made the pandemic the “single largest event” the industry has faced in its history. COVID-19 has had a powerful impact on many industries and insurers have been feeling the pain. Lloyd’s of London’s estimates now state that the industry will have paid out $100 billion for the claims relating to this catastrophe. This coronavirus…

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Insurance industry legal costs exploding as US juries increasingly side with plaintiffs

Insurance industry legal costs - american dollars

Insurers from around the world are expected to face legal expenses topping $200 billion. United states jury payouts are sending global insurance industry legal costs skyward. Insurer execs face a rising fear from the size and frequency of awards jurors are requiring the firms to pay out to plaintiffs. Payouts insurance companies must pay to lawsuit plaintiffs are starting to pose a threat to the industry. The trend is being called “social inflation” as juries demand more frequent and generous payouts that insurers must cover for cases ranging from tainted…

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ICBC releases strangest insurance fraud cases of 2014

insurance fraud

The auto insurer had recommended that charges be laid against 100 people, last year, for a range of scams. The ICBC has now released a list of the oddest insurance fraud cases that its investigators were able to detect in 2014, which included everything from airbag evidence, failed impersonations, and even a conspiracy involving time travel. The Insurance Corporation of British Columbia has estimated that between 10 and 15 percent of its claims aren’t truthful. The data from the ICBC has stated that it feels that between 10 and 15…

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Climate change is forming a broadening insurance industry struggle

climate change insurance industry

The shift away from the traditional attitude of insurers is generating considerable controversy. While the insurance industry has traditionally been a strong supporter of the principles and behaviors of free enterprise – as it is quite the business giant – as some major carriers start to evolve their positions as a result of climate change, this has generated some disagreements to build among many of their backers in congress. Skepticism regarding the science behind the global warming claims remains among many in Congress. When it comes to the insurance industry,…

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Insurance news made in NY when judge blocks 9/11 claims against airlines

terrorism insurance industry news 9/11 Memorial in 2004

The ruling in New York is that the World Trade Center’s owners cannot demand payouts from the attacks. A federal judge has just made insurance news headlines when he ruled that the owners of the World Trade Center are not permitted to make demands of billions of dollars of additional payments from insurers due to the attacks on September 11, 2001. The owners of the buildings will not be able to receive the money from the airlines and their insurers. The insurance news was made when Judge Alvin Hellerstein made…

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